[PPT] - Full Year Results 2019 Andrew Wood, CEO Full year results 2019 PowerPoint Presentation

SLIDE 1

Full year results 2019

Full Year Results 2019

Andrew Wood, CEO

SLIDE 2

Full year results 2019 2

Disclaimer

The information in this presentation about WorleyParsons Limited and its activities is current as at 21 August 2019 and should be read in conjunction with the Company’s Appendix 4E and Annual Report for the full year ended 30 June 2019. It is in summary form and is not necessarily complete. The financial information contained in the Annual Report for the full year ended 30 June 2019 has been audited by the external auditors of WorleyParsons. This presentation contains forward looking statements. These forward-looking statements should not be relied upon as a representation or warranty, express or implied, as to future matters. Prospective financial information has been based on current expectations about future events and is, however, subject to risks, uncertainties, contingencies and assumptions that could cause actual results to differ materially from the expectations described in such prospective financial

information. WorleyParsons Limited undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of the

release of this presentation, subject to disclosure requirements applicable to the Group. Nothing in this presentation should be construed as either an offer to sell or solicitation of an offer to buy or sell WorleyParsons Limited securities in any jurisdiction. The information in this presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account your financial

bjectives, situation or needs. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any investment decision.

No representation or warranty is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in this

presentation. To the maximum extent permitted by law, all liability and responsibility (including without limitation any liability arising from fault or negligence) for any

direct or indirect loss or damage which may be suffered through use or reliance on anything contained in or omitted from this presentation is disclaimed. This presentation may include non-IFRS financial information. The non-IFRS financial information is unaudited and has not been reviewed by the external auditors of

WorleyParsons. Non-IFRS financial information should not be considered as an indication of or alternative to an IFRS measure of profitability, financial performance or

liquidity.

SLIDE 3

Full year results 2019

Final dividend 15.0 cents per share

3

$6,439.1m

Aggregated revenue +36% growth from FY18

$259.8m

Underlying NPATA +43% growth from FY18

1.9x

Leverage December 2018: 2.1x

$18b

36 Month Backlog 10% growth in 12 months*

ECR transition

n track

Improved financial performance

Underlying revenue growth of 17% plus ECR contribution
Improved NPATA margins

Balance sheet strengthened

Leverage 1.9x, gearing 20.9%
Cash flat (net of impact of acquisition)
Refinanced syndicated debt facility

Backlog increased

Proforma backlog increased 10%
Diversification of earnings through increased opex

revenue and chemicals revenue ECR acquisition and integration on track

Transition progressed to plan
Cost, margin and revenue synergies being delivered
Safety performance remains industry leading

$236.3m

Operating cash flow vs $259.7m in FY18

FY2019 summary

Our strategy is delivering

*on 30 June 2018 proforma backlog using Worley definition Refer to pages 19 & 20 for the Statutory Statement of Financial Performance and Reconciliation of statutory to underlying NPATA result

SLIDE 4

Full year results 2019

FY2019 achievements

4

Overview

Underlying revenue growth, in addition to contribution from ECR acquisition
EBITA and NPATA growth, with higher NPATA margin
Strengthened balance sheet and refinanced core debt facilities
Transition cost synergies and revenue synergies flowing
Earnings diversification from increased opex and chemicals revenues
Staff utilization remains on target
Focus on operating leverage continues
Increased backlog across all sectors
Industry leading safety performance
ECR acquisition completed
Integration activities on track with cost, margin and revenue synergies

being realised

Moving from transition to transformation

Operating parameters Operational highlights Financial results

SLIDE 5

Full year results 2019

Our safety performance

Employee Total Recordable Case Frequency Rate (TRCFR*) for

FY19 was 0.11 (FY18: 0.12)

Employee, Contractor & Subcontractor and Partner TRCFR for

FY19 was 0.14 (FY18: 0.15) The Group’s HSE Committee focus areas H1 FY20

Implement Life Saving Rules
Launch and embed a new Assurance system
Continue our focus on field HSE
Continue our progress with the recommendations of the Task

Force on Climate-Related Financial Disclosures (TCFD)

5

Health Safety and Environment

*TRCFR – Total recordable case frequency rate based on the number of cases per 200,000 hours worked

SLIDE 6

Full year results 2019

Responsible business at Worley

We have always taken a responsible and sustainable approach to our business This year we have:

responsible business assessment requirements

embedded into standard work processes

continued to support our customers navigate the global

energy transition (1,350+ new energy projects and counting)

supported STEM education around the world via

initiatives in our local offices

further developed our engagement with indigenous

communities around the world

delivered community social impact with a network of

champions and the Worley Foundation

continued our ethics program with Code of Conduct

training and development

Active Worley Foundation projects

50+

Carbon emissions reductions (tonnes C02-e) since 2016

24%

Code of Conduct training delivered to contractors, employees and partners Senior executives are women

26%

Board members are women

40% 40,000+

Ethics helpline available to all our people in 42 countries

51

New Energy projects globally

1,350+

participating in Carbon Disclosure Project

10th year

reporting consistent with Global Reporting Initiative (GRI)

7th year

For more information on Worley’s ESG activities, refer to our Corporate Responsibility report at https://www.worley.com/investors/reports-and-presentations#2019

6

SLIDE 7

Full year results 2019 7

Aggregated revenue and underlying EBITA

Revenue and EBITA growth

Revenue and EBITA growth from underlying business in addition to ECR acquisition

Half on half underlying EBITA Half on half revenue

3,107 2,166 2,310 2,566 2,619 2,211 2,439 3,873 0.0 1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 FY2016 FY2017 FY2018 FY2019 AUD’m H1 H2 159 128 141 163 163 147 172 250 0.0 50.0 100.0 150.0 200.0 250.0 300.0 FY2016 FY2017 FY2018 FY2019 AUD’m H1 H2

SLIDE 8

Full year results 2019 8

Backlog growth

6.5 6.8 6.8 9.9 10.8 10.6

2.0

4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Jun-18 Dec-18 Mar-19 Jun-19

AUD’b

WorleyParsons ECR Worley

Backlog continues to grow with increasing

contributions from both ECR and WorleyParsons.

MPIS and MMM Services driving growth
Backlog growth across all sectors
Refer to slides 48 & 49 for sector and

regional breakdown

16.4 17.6 17.4 18.0

Backlog (AUD’b)*

*proforma backlog using Worley definition for June 2018 to March 2019

SLIDE 9

Full year results 2019 9

Earnings diversification – growth in opex and chemicals

Deliberate strategy over last three years

to increase earnings diversity and resilience with growth in opex based contracts

Sector mix diversifying with growth of

historically more stable chemicals exposure

Our focus is not lump sum turnkey

(LSTK) contracts

78% 13% 9%

FY18 revenue split by sector

Energy Chemicals Resources 15% 9% 34% 48% 75% 81% 55% 43% 10% 10% 11% 9% 0% 20% 40% 60% 80% 100% FY16 FY17 FY18 FY19 pro forma

Business mix

Opex Modification, Sustaining and Small Capex Major Capital Projects

49% 40% 11%

FY19 revenue split by sector – proforma

Energy Chemicals Resources

SLIDE 10

Full year results 2019 10

Americas Shell, San Joaquin Valley Engineering Services Dow, Electrical and Instrumentation Services BP, Mad Dog 2 GoM Integration Services BP, Wells and Fluids BP, GOO Cat C EPC BP, BP VMS BP Chemicals, Texas City Chemicals Alliance Chevron, San Joaquin Valley Engineering Services ConocoPhillips, Winter Drilling 2018-2019 Corpus Christi Polymers, Triumph Project LyondellBasell, Multi-site Small Cap Alliance Phillips 66, MSA - EPC UCSF, Power O&M Services Renewal W.R. Grace, Big Cat Project MMG Peru SAC, Las Bambas Master Services Agreement Antofagasta Minerals SA, AMSA MSA - Contrato Marco Centinela Compania Minera del Pacifico S.A., CAPM MSA ENAP REFINERIAS S.A., MSA Downstream ENAP Anglo American Sur SA, MSA EP 3 years for Los Bronces FY20 Minera Escondida Limitada, SIB FY20 Framework Agreements DOW, MSA – Engineering Services Livent, EPCM Services for Lithium Carbonate Program Shell, MSA – Engineering Services Raizen, MSA – Engineering Services YPF, MSA – Engineering Services YPF, Engineering Services CBA – Cia Brasileira de Aluminio, MSA – Engineering Services Equinor Brasil S.A., MSA – Engineering Services SBM Offshore N.V., MSA – Engineering Services APAC Alcoa Inc, Engineering and Project delivery Services BP, Kwinana Refinery Alliance Woodside, Engineering and Procurement Services BP New Zealand Oil Services Limited (NZOSL), Delivery Services BHP, Minerals Australia Engineering Services Provision Newcrest Lihir, EPCM Services Tomago, Aluminium Alliance Brunei LNG, Engineering Contract Shell, Bukom Engineering and Project Services Singapore LNG, Engineering, Consultancy & Site Supervision Services Evonik, Engineering Services Agreement Synergy Collie Power Station O&M BHP Yarnima Power Station O&M Synergy Albany Gracemere Windfarm O&M EMEA CNOOC International, Buzzard Phase 2 - EPC EnQuest, E&C Term Contract Shell, SNS E&C Framework Agreement Perenco, SNS - General Engineering Services GSP Offshore, Gloria Jack-up Removal GSP Offshore, Integrated Services Contract ConocoPhillips, E&C Repsol, AES Services Framework BPTT, Beachfield Valve Upgrade Project Deltatek Offshore, EDOP Tranche Phase 2 Sasol Group Technology, EC Partnership BAPCO, Water O&M Qatar Petrochemical Company, Provision of Engineering Services Total E&P Qatar, Al Khalij Block North Oil Company, EPSCM Frame Agreement

Long term asset contract wins in FY19

Opex contracts refer to long term asset based contracts including sustaining capital contracts

Opex based contract wins supporting backlog growth and earnings resilience

SLIDE 11

Full year results 2019

Sector update

11

SLIDE 12

Full year results 2019 12

Energy: upstream & midstream

Upstream investment

Pick-up in approvals of new upstream projects

required to match demand

Upstream investment to 2022 is estimated at

11% CAGR for gas and 4% CAGR for oil*

Midstream market is experiencing a sharp

increase in project sanctions aligned to our global footprint

Growth opportunities across the value chain:
il & gas production, processing, storage

& transport

greenfield LNG
floating storage & regasification
gas-fired power generation, transmission

& distribution

Conventional oil and gas investment

5 10 15 20 25 2011 2012 2013 2014 2015 2016 2017 2018 NPS SDS 5 10 15 20 25 2011 2012 2013 2014 2015 2016 2017 2018 NPS SDS Annual avg. 2018-25 Annual avg. 2018-25

Crude oil Gas

Billion boe Offshore Onshore 150 100 50 2010 2020 2030 2040 mb/d

Oil production with no new investment from 2018 vs estimated demand in NPS and SDS

Conventional crude Tight oil NGLs - Natural gas liquids EHOB - Extra-heavy oil & bitumen Other NPS demand SDS demand

*3-year CAGR estimate to 2022 extracted from Rystad Energy, UCUBE (May,2019) Source: International Energy Agency (IEA), World Energy Investment 2019

NPS = New Policies Scenario SDS = Sustainable Development Scenario

SLIDE 13

Full year results 2019 13

Energy: power and new energy

Renewables & electrification

Investment trend towards low carbon

power generation and delivery:

solar and wind
nuclear
hydro
power networks and storage
Focus areas for growth
offshore wind (capex and opex)
distributed energy systems (including

microgrids & storage)

emerging technologies – including

hydrogen

power operations & maintenance

Source: International Energy Agency (IEA), World Energy Investment 2019 Coal power Gas power Oil power Nuclear Solar PV and wind Hydro and other renewables Grids and battery storage 200 400 600 800 1000 1200 1400 2018 Annual average 2025-30 (NPS) Annual average 2025-30 (SDS) USD billion (2018)

Global investment in power by technology

NPS = New Policies Scenario SDS = Sustainable Development Scenario

SLIDE 14

Full year results 2019

Accessing key growth markets

FDI market in China: Regulatory

changes on foreign ownership stimulating investment into China Leveraging core capability

Extensive delivery capability in India

and China enabling execution in local market and large-scale global projects Immediate revenue synergy

pportunities
China + India execution powerhouse
Full project delivery offering in Asia

and the Middle East

Leverage extensive front-end

capability

52%

China

12%

10%

1% 2%

23%

Rest of Asia Rest of world Europe South America & Caribbean North America

Source: IHS Markit (2019)

Global chemicals industry capex mix (2019 to 2023)

14

Chemicals

Market opportunity & focus

SLIDE 15

Full year results 2019 15

Market focus

Resources: mining, minerals & metals

Capex continues with strong market fundamentals across key commodities

Focus is on life of mine extension and increased

investment in underground mining

Copper: structural supply deficit emerging in

2023

Fertilizers: ongoing investment driven by global

population growth and food shortage

Iron ore: large sustaining capital investment,

market tightens with recent supply disruptions and demand for higher grade ore

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Mining, minerals and metals annual global capex

2015 2016 2017 2018 2019 2020 2021 2022 2023

Global balance in refined copper market (t/year)

Surplus

Source: Factset CAPEX Data (May, 2019)*

Deficit

Source: CRU presentation, World Copper Conference (April, 2019)

SLIDE 16

Full year results 2019

Australia’s largest energy & resource service provider

16

Australian company of global significance
Largest exporter of high value services
Key growth enabler for businesses &

technologies

Engineer of record and lead service provider

for major energy and resource assets

Operates a third of Australia’s power

generation fleet in addition to three major gas pipelines

Currently involved in over $100 billion of energy & resource investment in Australia

Rio Tinto Koodaideri iron ore BHP South Flank iron ore Newmont Tanami gold mine Newcrest Cadia gold mine Alcoa Sustaining capital program Queensland Gas Co. QCLNG Woodside Northwest shelf assets Onshore & offshore BHP Olympic Dam Synergy, AGL, Ratch, Palisade, BHP, Pacific Hydro, Mitsui Operations & maintenance of 36 power assets totalling 1/3rd of Australia’s power generation fleet Esso Longford facilities Viva Energy Geelong refinery Rio Tinto Cape Lambert Chevron Gorgon & Wheatstone LNG Barrow & Thevenard Island

SLIDE 17

Full year results 2019

Leader in the United States of America

17

#1 in the United States, we are…

Largest Australian employer in professional

and asset services

An industry leading contractor for skilled craft

trades, with over 80 construction sites

One of the largest energy and chemical

project and asset services providers …supported by trusted partnerships in industry, technology and innovation across the nation.

Worley employs over 14,500 people in over 20 offices nationwide

17,000 MW

Engineer of Record for more than

f USA’s nuclear fleet

totalling

15%

construction &

80

fabrication sites nationwide for the largest alpha olefins facility in the world

Lead contractor

SLIDE 18

Full year results 2019

Full Year Results 2019

Tom Honan, CFO

18

SLIDE 19

Full year results 2019 19

Statutory statement of financial performance

30 June 2019 ($m) 30 June 2018 ($m) REVENUE AND OTHER INCOME Professional services revenue 4,531.1 3,837.3 Procurement revenue 1,020.4 432.3 Construction and fabrication revenue 1,328.6 552.5 Interest income 36.5 5.5 Other income 7.7 8.2 Total revenue and other income 6,924.3 4,835.8 EXPENSES Professional services costs

(4,156.5)

(3,530.7) Procurement costs

(992.0)

(417.3) Construction and fabrication costs

(1,215.6)

(497.4) Global support costs

(154.2)

(110.7) Acquisition costs

(50.6)

(5.9) Transition and other costs

(48.8)

(14.2) Borrowing costs

(71.7)

(63.9) Total expenses (6,689.4) (4,640.1) Share of net profit of associates accounted for using the equity method 10.5 9.7 Income tax expense (81.4) (129.7) Profit after income tax expense 164.0 75.7 PROFIT AFTER INCOME TAX ATTRIBUTABLE TO MEMBERS OF WORLEYPARSONS LTD 151.9 62.2

SLIDE 20

Full year results 2019

1. Reduction in revenue following lower than expected arbitration award in relation to a dispute with a state owned enterprise.
2. Relates to a revaluation of the value of Worley’s deferred tax assets and liabilities arising from the reduction in the corporate tax rates in provincial Canada and the US.
3. The underlying NPAT result excludes the impact of acquisitions (acquisition and transition costs, bridging facility fee, interest income net of capitalized cost write off, foreign exchange gain on term

deposits and US foreign tax credits write off due to the ECR acquisition), impact of the arbitration award, other restructuring costs, onerous lease contracts (non acquisition related), and the related tax effect, as well as the impact of changes in tax legislation on tax expense.

4. NPATA is defined as profit after tax excluding the post tax impact of amortization on intangible assets acquired through business combinations. Underlying NPATA is defined as underlying NPAT

excluding post tax impact of amortization of intangible assets acquired through business combinations.

20

Reconciliation of statutory to underlying NPATA results

Adjusted for non-trading items

FY2019($m) FY2018($m) Statutory result (NPAT) 151.9 62.2 Acquisition & related transition costs (See Note 1) 82.2 5.9 Impact of the arbitration award1 8.7

Other Restructuring costs

0.7 14.2 Onerous lease (non acquisition related)

12.2

Impairment of associate intangible assets

2.7

Sub-total additions and subtractions 91.6 35.0 Tax effect of Additions and Subtractions (7.5) (7.5) Additions (post-tax) Tax from changes in tax legislation2 3.4 81.7 Underlying Net Profit After Tax 3 239.4 171.4 Amortisation of intangibles 27.5 14.2 Tax on intangibles (7.1) (3.6) Underlying NPATA 4 259.8 182.0 Note 1: Acquisition & Related Transition Costs FY2019($m) FY2018($m) Acquisition costs 50.6 5.9 Transition costs 35.0

Onerous lease contracts

8.9

Bridging facility fee

4.2

Interest on term deposits, net of capitalized costs write off

(27.4)

Foreign exchange gain on term deposits

(3.4)

US foreign tax credits write off due to ECR acquisition

14.3

SLIDE 21

Full year results 2019

Statutory and aggregated revenue increased

due to the acquisition of ECR during the year and underlying performance.

Improved underlying EBITA and NPATA
Improved NPATA margins
Operating cashflow flat (excluding items

related to acquisition and transition activities)

21

FY2019 key financials

1. Basic earnings per share for all presented periods were adjusted for equity raised in accordance with the

accounting standards.

2. Refer to slide 53 of the Supplementary slides for the definition of Aggregated revenue.
3. The underlying EBITA result excludes impact of acquisitions (acquisition and transition costs, bridging facility costs,

foreign exchange gain on term deposits), impact of the arbitration award, other restructuring costs and onerous lease contracts (non acquisition related) and amortization of intangible assets acquired through business

combination. Refer to slide 18 for definition of NPATA.
4. Underlying basic EPS have been calculated on underlying NPATA basis

Statutory result FY2019 FY2018

vs. FY2018

Total revenue ($m) 6,924.3 4,835.8 43.2% EBITA ($m) 308.1 278.0 10.8% NPATA ($m) 172.3 72.8 136.7% Basic EPS (cps)1 36.4 22.6 61.1% Final dividend (cps) 15.0 15.0

Total dividend (cps)

27.5 25.0 10.0% Operating cash flow 236.3 259.7 (9.0%) Underlying result FY2019 FY2018

vs. FY2018

Aggregated revenue2 ($m) 6,439.1 4,749.2 35.6% Underlying EBITA3 ($m) 412.8 313.0 31.9% Underlying EBITA margin % 6.4% 6.6% (0.2pp) Underlying Net Profit After Tax and Amortisation3 ($m) 259.8 182.0 42.7% Underlying NPATA margin % 4.0% 3.8% 0.2pp Underlying basic EPS (cps)4 62.2 66.2 (6.0%) Underlying operating cash flow 255.1 293.7 (13.1%)

SLIDE 22

Full year results 2019

ECR driving growth in MPIS and MMM Services
Margin improvement in MMM Services due to

increased volumes and stronger project performance

MPIS margin impacted by increased volumes of

lower margin construction revenue in North America and increased procurement

Margin improving in Advisian from a low base
1. Segment result is underlying EBITA pre Group corporate costs

22

Segment result

By line of business

FY 2019 FY 2018

vs. FY 2018

Aggregated Revenue ($m) 6,439.1 4,749.2 35.6% Energy & Chemicals Services 2,854.2 2,218.7 28.6% Mining, Minerals & Metals Services 286.2 151.7 88.7% Major Projects and Integrated Solutions (MP&IS) 2,745.0 1,866.6 47.1% Advisian 553.7 512.2 8.1% Segment results ($m) 576.5 426.1 35.3% Energy & Chemicals Services 278.8 227.0 22.8% Mining, Minerals & Metals Services 31.0 9.2 237.0% Major Projects and Integrated Solutions (MP&IS) 231.7 172.4 34.4% Advisian 35.0 17.5 100.0% Segment results (%) 1 9.0% 9.0% 0.0 pp Energy & Chemicals Services 9.8% 10.2% (0.4 pp) Mining, Minerals & Metals Services 10.8% 6.1% 4.7 pp Major Projects and Integrated Solutions (MP&IS) 8.4% 9.2% (0.8 pp) Advisian 6.3% 3.4% 2.9 pp

SLIDE 23

Full year results 2019

Headcount growing: staff utilization on target

Staff utilization remains on target
Maintained presence in 51 countries
Headcount 58,100 at 31 July 2019
Growth in headcount in underlying

business 2,100 in FY2019

23

Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19

Worley Global Headcount

Headcount Change to Prior Month

ECR Acquisition 15,100 43,000

July 2019 Craft Staff

Worley Global Headcount

78% 80% 82% 84% 86% 88% 90% Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Utilisation %

Staff Utilization

Target Monthly rate

ECR Acquisition UKIS Acquisition

SLIDE 24

Full year results 2019 24

Key operating indicators

Margin growth

Trend of margin growth continues with strong

focus on cost control

Increased volumes of lower margin construction

work in North America, as per acquisition business model

4.0% 5.0% 6.0% 7.0% FY16 HY17 FY17 HY18 FY18 HY19 FY19

EBITA Margin %

1.0% 2.0% 3.0% 4.0% 5.0% FY16 HY17 FY17 HY18 FY18 HY19 FY19

NPATA Margin %

SLIDE 25

Full year results 2019

Key operating indicators

25

Operating leverage

WorleyParsons – Operating Leverage

Revenue ($) Overheads ($)

Cost control is embedded in the cultures of both organizations that have created Worley
Focus on achieving further margin growth with driver on gross margin / overhead ratio
Business continues to be focused on achieving operating leverage with performance unit based

programs from ECR and WorleyParsons being merged:

Realize our future program continuing, to address gross margin optimisation and cost control
Sustaining Performance management at the performance unit level

ECR – Operating Leverage

Revenue ($) Overheads ($)

HY18 FY18 HY19 FY19

Revenue Overhead

HY18 FY18 HY19 FY19

Revenue Overhead

SLIDE 26

Full year results 2019

Full Year Results 2019

Capital management

26

SLIDE 27

Full year results 2019 27

Cash flow, net debt and balance sheet

Continuing focus

*Net debt, gearing ratio and leverage ratio are calculated on the debt covenant definition. HY19 excludes the impact of proceeds from capital raising.

400 900 1,400 FY16 HY17 FY17 HY18 FY18 HY19 FY19 m$

Net Debt*

15% 20% 25% 30% 35% FY16 HY17 FY17 HY18 FY18 HY19 FY19

Gearing Ratio* %

Gearing ratio = net debt/net debt + equity

0.5 1.0 1.5 2.0 2.5 3.0 3.5 FY16 HY17 FY17 HY18 FY18 HY19 FY19

Leverage Ratio*

100

100 200 300 FY16 HY17 FY17 HY18 FY18 HY19 FY19 m$

Operating Cash Flow

UKIS Acquisition UKIS Acquisition ECR Acquisition ECR Acquisition

$4.9 billion of acquisitions in last two years - with leverage and gearing improvement

SLIDE 28

Full year results 2019 28

Gearing metrics

Balance sheet metrics

Gearing below target band of 25-35%
Average maturity of debt increased to 3.3 years

with new debt facility established in February 2019

As at 30 June 2019 three SOE receivables are

non-current following trigger of dispute resolution mechanisms

Considerable efforts to collect SOE receivables

across the period including one arbitration award and appeal (with costs) in favour of Worley

FY2019 HY2019 Gearing ratio1 20.9% 25.7% Facility utilization2 72.7% 27.6% Average cost of debt 4.5% 4.5% Total liquidity3 1,303 2,060 Average maturity (years) 3.3 2.2 Interest cover (times)4 11.9x 6.2x Statutory net debt5, $m 1,593 784 Net Debt/EBITDA (times)4 1.9x 2.1x

1. Net debt to net debt + equity (statutory definition). HY2019: Net debt to net debt + equity (excluding the impact of equity raise)
2. Loans, finance lease and overdrafts
3. Available facilities plus cash. HY2019: Available facilities plus cash excluding the impact of proceeds from capital raising
4. As defined for debt covenant calculations
5. HY2019: Net debt excluding the impact of proceeds from capital raising

SLIDE 29

Full year results 2019 29

Liquidity

Core facility refinanced

Balance sheet further

strengthened

Core debt facility refinanced

during FY19. New facility consists

f USD500 million multi-currency

revolving facility and USD800 million term loans

Maintains strong liquidity position

and increases weighted average tenor with the core debt facility maturing in 2024

200

400 600 800 1,000 1,200 1,400 1,600 1,800

FY20 FY21 FY22 FY23 FY24 A$m Syndicate Revolving Facility USPP Term Loan Bilateral Overdraft

SLIDE 30

Full year results 2019

ECR – Acquisition update

Chris Ashton, COO

30

SLIDE 31

Full year results 2019 31 Synergy Realization Completion Activities Transformation Transition Activities Progress Achievements

Completion achieved on time
Day 1 successful and objectives met
Transformation activities commenced
Engagement with the new organization is underway
Transition underway and meeting expectations
Action plans developed and being aggressively managed
Implementation underway with ~75% of total expected recurring synergies enabled

in FY20. Refer to slide 32

Culture & People

New operational and functional structure in place
Engagement and communication activities underway to build alignment across

business

Cost Margin

GID margin synergy development built into FY20 budget. Refer slide 33

Customer Engagement

Good customer response to expanded capabilities
Key customers engaged in shaping future delivery models

FY2019 summary

Transition progress summary – on track

Revenue

Revenue synergies being realized in line with business case

SLIDE 32

Full year results 2019 32

Cost synergy target increased from initial $130m to $150m, expected to progressively deliver benefits over the next two years

IT

Migration of systems and data underway
Consolidation of applications on track

Property

Relocations underway; initial wave of office consolidations completed (e.g.,

Houston, Singapore plus over ten smaller locations) with several larger

ffices planned in next four months (e.g., Edmonton, Perth, Singapore,

Stockton, Reading)

Synergies being realized

Overheads

New operating model in place, overhead reductions underway and

resulting synergies being delivered

Savings already realized from non-transferred corporate and other
verheads

Indirect procurement

Negotiated several key indirect procurement contracts
Additional contracts under negotiation

Cost synergy Implementation costs

Estimated one-off implementation costs of approximately AUD110m,

plus AUD10m of CAPEX

Approximately AUD55m of capex costs related to modernization including

IT upgrades

Costs primarily incurred within the first 12 months following completion

Estimated $150m p.a. Cost synergies within two years

Cost synergies AUD’m

IT Property G&A Indirect procurement Total cost synergies

Synergy realization – cost synergies

SLIDE 33

Full year results 2019

0% 5% 10% 15% 20% 25% 30%

$0 $5 $10 $15 $20 $25 $30 $35

2016 2017 2018 2019 Gross Margin (GM) Net Operating Profit (NOP) GID as % of Billable Hrs

Increasing GID uptake is expected to generate incremental margin synergies within the next three years

33

How does increasing GID deliver margin improvement?

GID champions established in each region
Detailed GID usage assumptions as part of FY20 budgeting

process reviewed with operations and sales teams

Regularly tracking GID hours across businesses using

dashboards

Established relationship mapping between home office and GID

locations to drive momentum

How we plan to ensure the business hits their targets

Win Rate - 40% Win Rate - 80%

Source: Company financials

Case study - location

GID %

SLIDE 34

Full year results 2019

Synergy realization – margin synergies: shared services

34

Shared services blueprint

Plan to extract additional value from shared

services over three horizons (in the next three years):

Horizon 1 – retire TSAs
Horizon 2 – extend services & coverage
Horizon 3 – new services (“NextGen”)
Expand the current shared services centers in

Kuala Lumpur and Mumbai to a third in the Americas time-zone, better supporting the larger Worley organization

Pursue process optimization, robotic automation

and self-service opportunities

Benefits not included in current cost synergy

target

Horizon 1

Transition end-to-end Project Accounting from Jacobs Krakow shared services to

ur Worley Mumbai shared services

Expertize / Differentiator

Track record of successfully delivering projects in the US midwest region cost effectively by leveraging the US / Canada FX benefit Proven ability to leverage remote resources successfully to execute project work (small / mid cap projects don’t have to be executed by local small engineering firms). Remote offices and GID are many times better solutions

SLIDE 41

Full year results 2019 41

Drive benefits from our new scale and

market leadership position

Focus on mutually beneficial long term
utcomes with our energy, chemicals and

resources customers

Capitalise on key macro trends – energy

transition, automation and data analytics, workforce changes, industry social licence

Become a respected thought leader,

embracing innovation and new ways of working

Deliver service levels that create a step

change in the value we bring … and the rewards we receive Transition Transformation

Time Focus

Transformation

SLIDE 42

Full year results 2019

Outlook

Andrew Wood, CEO

42

SLIDE 43

Full year results 2019

43

Worley Investor Day 2019

43

Revenue* up 36%, EBITA* up 32%, NPATA* up 43%
Acquisition complete
Integration of ECR acquisition meeting

expectations with more synergies developed in addition to those identified pre-acquisition

Operating leverage continues
Proforma backlog increased by 10%
Balance sheet strengthened
Business well positioned as an industry leader in

the energy, chemicals and resources sectors

Progress in FY19

* Underlying results

Full year results 2019

SLIDE 44

Full year results 2019

The energy, chemicals and resources market indicators and growth in backlog provide evidence of continued improvement in market

conditions. However, our markets are being tempered by

macroeconomic global uncertainty. As a result of the ECR acquisition, we have enhanced the diversity and resilience of our earnings. Worley has the global technical and financial strength to support its Energy, Chemicals and Resource customers as they navigate a changing world. In FY2020 we expect to deliver the benefits of the acquisition of ECR including the realization of cost, margin and revenue synergies.

44

Group outlook

SLIDE 45

Full year results 2019

Full Year Results 2019

Q&A

45

SLIDE 46

Full year results 2019

Full Year Results 2019

Supplementary information

46

SLIDE 47

Full year results 2019

ECR drives growth in all regions, and

North America in particular

Strong performance in Norway and

Middle East as well as increased procurement revenue in UKIS is leading the growth in EMEA

Canada supporting strong growth in

the Americas

Increase in operational EBITA margin
ffset by increase in low margin

construction revenue in ECR

47

Segment result

By region By region

FY 2019 FY 2018

vs. FY 2018

Aggregated Revenue ($m)

6,439.1 4,749.2 35.6%

APAC

1,347.0 1,080.9 24.6%

EMEA

2,656.6 2,121.7 25.2%

AM

2,435.5 1,546.6 57.5%

Operational EBITA ($m)

576.5 426.1 35.3%

APAC

127.0 105.0 21.0%

EMEA

251.9 192.9 30.6%

AM

197.6 128.2 54.1%

Operational EBITA (%)

9.0% 9.0% 0.0 pp

APAC

9.4% 9.7% (0.3 pp)

EMEA

9.5% 9.1% 0.4 pp

AM

8.1% 8.3% (0.2 pp)

SLIDE 48

Full year results 2019

ECR brings growth in all sectors, and

construction & fabrication

Strong growth in Canada, Oman and

Qatar supported the aggregated revenue in the Energy sector for FY2019

The acquisition of ECR drove the

increase in aggregated revenue in the Chemicals sector, as did continued growth in North American and European markets

48

Segment result

By sector

FY 2019 FY 2018

vs. FY 2018

Aggregated Revenue ($m) 6,439.1 4,749.2 35.6% Energy 4,480.1 3,720.1 20.4% Professional Services ¹ 3,418.6 3,167.6 7.9% Construction & Fabrication 1,061.5 552.5 92.1% Chemicals 1,326.6 599.0 121.5% Resources 632.4 430.1 47.0% Operational EBITA ($m) 576.5 426.1 35.3% Energy 437.1 347.7 25.7% Professional Services ¹ 330.9 290.6 13.9% Construction & Fabrication 106.2 57.1 86.0% Chemicals 94.3 43.0 119.3% Resources 45.1 35.4 27.4% Operational EBITA (%) 9.0% 9.0% 0.0 pp Energy 9.8% 9.3% 0.5 pp Professional Services ¹ 9.7% 9.2% 0.5 pp Construction & Fabrication 10.0% 10.3% (0.3 pp) Chemicals 7.1% 7.2% (0.1 pp) Resources 7.1% 8.2% (1.1 pp)

1. Professional Services includes procurement revenue at margin and other income.

*Backlog for 30 June 2018 includes ECR

16.4 18.0 0.8 0.5 0.3

2.0

4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0

AUD’b

16.4 18.0 (0.1) 1.6 0.1

2.0

4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0

AUD’b

SLIDE 52

Full year results 2019 52

Underlying earnings profile

191.8 159.3 127.7 141.3 162.6 248.0 162.6 146.9 171.7 250.2 439.8 321.9 274.6 313.0 412.8 FY2015 FY2016 FY2017 FY2018 FY2019

Group underlying EBITA AUD’m

H2 H1 112.1 80.3 64.0 84.5 103.4 146.3 86.3 71.0 97.5 156.4 258.4 166.6 135.0 182.0 259.8 FY2015 FY2016 FY2017 FY2018 FY2019

Group underlying NPATA AUD’m

H2 H1

SLIDE 53

Full year results 2019 53

Margin profile

5.3% 5.1% 5.9% 6.1% 6.3% 6.9% 6.2% 6.6% 7.0% 6.5% 6.1% 5.6% 6.3% 6.6% 6.4% FY2015 FY2016 (Restated) FY2017 FY2018 FY2019

Underlying EBITA %

H1 H2 Total 3.1% 2.6% 3.0% 3.7% 4.0% 4.0% 3.3% 3.2% 4.0% 4.0% 3.6% 2.9% 3.1% 3.8% 4.0% FY2015 FY2016 (Restated) FY2017 FY2018 FY2019

Underlying NPATA %

H1 H2 Total

SLIDE 54

Full year results 2019 54

Revenue split

15% 6% 18% 33% 20% 8%

Region aggregated revenue (%)

ANZ Asia Canada Europe USA & LAM Middle East & Africa

70% 20% 10%

Sector aggregated revenue (%)

Energy Chemicals Resources

10% 6% 16% 24% 37% 7%

Region aggregated revenue (%) (proforma)

ANZ Asia Canada Europe USA & LAM Middle East & Africa

49% 40% 11%

Sector aggregated revenue (%) (proforma)

Energy Chemicals Resources

SLIDE 55

Full year results 2019

Revenue reconciliation

55

FY2019 ($m) FY2018($m) vs FY2018 Revenue and other income 6,924.3 4,835.8 43.2% Less: Procurement revenue at nil margin (608.0) (94.4) 544.1% Less: Pass through revenue at nil margin (32.4) (157.3) (79.4%) Plus: Share of revenue from associates 183.0 170.6 7.3% Plus: Impact of arbitrational award ¹ 8.7

n/m

Less: Interest income (36.5) (5.5) 563.6% Less: Net gain on revaluation of investments previously accounted for as joint operations

#DIV/0!

Aggregated revenue 2 6,439.1 4,749.2 35.6% Professional services 4,685.9 3,850.6 21.7% Construction and fabrication 1,328.6 552.5 140.5% Procurement revenue at margin 416.9 337.9 23.4% Other income 7.7 8.2 (6.1%)

1. Reduction in revenue following lower than expected arbitration award in relation to a dispute with a state owned enterprise
2. Aggregated revenue is defined as statutory revenue and other income plus share of revenue from associates, less procurement revenue at nil margin, pass-through revenue at nil-margin and interest

income and the impact of the arbitration award. The Directors of WorleyParsons Limited believe the disclosure of the share of revenue from associates provides additional information in relation to the financial performance of WorleyParsons Limited Group

SLIDE 56

Full year results 2019

EBITA reconciliation

56

FY2019 ($m) FY2018 ($m) EBITA 308.1 278.0 Add: impact of acquisitions, comprised of: Acquisition costs 50.6 5.9 Transition costs 35.0

Onerous lease contracts

8.9

Bridging facility fee

4.2

Foreign exchange gain on term deposits

(3.4)

Add: impact of the arbitration award1

8.7

Add: onerous lease (non-acquisition related)

12.2 Add: Restructuring costs 0.7 14.2 Add: Impairment of associate intangible assets

2.7

Underlying EBITA2 412.8 313.0

1. Reduction in revenue following lower than expected arbitration award in relation to a dispute with a state owned enterprise
2. The underlying EBITA result excludes the impact of acquisitions (acquisition and transition costs, bridging facility costs and FX on term

deposits), impact of the arbitration award, restructuring costs and onerous lease contracts and amortization of intangibles recognized on business combinations

SLIDE 57

Full year results 2019 57

Cash flow

FY2019 ($m) FY2018 ($m) EBITA 308.1 278.0 Add: Depreciation, amortization 93.2 68.0 Less: Interest and tax paid (42.0) (81.5) Less: Working capital/other (123.0) (4.8) Net cash inflow from operating activities 236.3 259.7 Cash restructuring costs paid 18.8 34.0 Underlying operating cash flow 255.1 293.7 Net procurement cash outflow (15.9) 4.8 Underlying operating cash flow net of procurement cash flows 239.2 298.5

SLIDE 58

Full year results 2019

Bridge to cash balance

58

Cash flow

Underlying op. cash

flow $255.1m

$18.8m for one off

non-trading items including $31m of interest received

278 492 (18) (1) 31 (31) 16 273 (34) (11) (99) (29) Underlying operating cash flow – 255.1 1062 (946) Cash one off costs paid – 18.8

SLIDE 59

Full year results 2019

Liquidity and debt maturity

59

Liquidity Summary AUD’m FY2019 HY2019 Change Liquidity Loan, finance lease & overdraft facilities1 2,962 2,373 24.8% Less: facilities utilized2 (2,153) (1,178) 82.8% Available facilities 809 1,195 (32.3%) Plus: cash 494 343 44.0% Total liquidity 1,303 1,538 (15.3%) Bonding Bonding facilities 1,540 1,202 28.1% Bonding facility utilization, % 58% 42% (16pp)

1. Loan, finance lease and overdraft facilities (inclusive of the bridge facility) as at 30 June 2019. HY2019: excludes impact of equity raise
2. HY2019: excludes impact of equity raise

SLIDE 60

Full year results 2019 60

Foreign exchange translation impact

Movement in major currencies against AUD (indexed)

Currency Average exchange rate movement Spot exchange rate movement BRL 7.7% (5.8%) CAD (3.8%) (5.8%) CNY (3.3%) (1.1%) EUR (3.6%) (3.1%) GBP (4.0%) (1.7%) NOK (2.3%) (1.0%) SGD (6.2%) (5.7%) USD (7.9%) (4.7%) KZT 3.7% 6.2% Currency FY2019 FY2018

change

AUD:USD 71.5 77.6 (7.9%) AUD:GBP 55.3 57.6 (4.0%) AUD:CAD 94.7 98.4 (3.8%) Currency AUD $m NPAT translation impact of 1c ∆ AUD:USD (0.44) AUD:GBP 0.09 AUD:CAD 5.95

88 90 92 94 96 98 100 102 104 106 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19Mar-19 Apr-19 May-19 Jun-19 AUDUSD AUDCAD AUDGBP

SLIDE 61

Full year results 2019 61

Foreign exchange

4.4 0.7 0.4 0.1 0.4 1.2 (1.3) 0.7 0.2 (2.4) 0.6 1.4 (2.9) 0.1 0.5 0.3 0.3 0.5

4.0
2.0
2.0

4.0 6.0 CAD CLP CNY EUR GBP KWD KZT NOK NZD OTHER QAR US Pegged USD ZAR BND INR NGN BGN A $m

Impact total EBITA Group EBITA FX translation

11 12 (8.3) 0.1 5.2

10
5

5 10 15 FY15 FY16 FY17 FY18 FY19 A $m

SLIDE 62

Full year results 2019

Acronyms

62

APAC – Australia, Pacific, Asia, China AM – Americas ASX - Australian Securities Exchange CAGR – Compound Annual Growth Rate CPS – Cents Per Share EBIT – Earnings Before Interest and Tax EBITDA – Earnings Before Interest and Tax, Depreciation and Amortization EMEA – Europe, Middle East and Africa ECR – Energy, Chemicals and Resources diversion acquired from Jacobs Engineering Group Inc in the financial year of FY2019 EPC - Engineering, Procurement & Construction EPS – Earnings Per Share ESG – Environment Social Governance FEED – Front end engineering and design FX – Foreign Exchange FY – Financial Year GID – Global Integrated Delivery HSE – Health Safety and Environment LNG – Liquefied Natural Gas MENA – Middle East & North Africa MP&IS – Major Projects and Integrated Solutions MMO – Maintenance, Modifications and Operations NPAT – Net Profit After Tax NPS – New Policy Scenarios SDS – Sustainable Development Scenario STEM – Science, technology, engineering and mathematics

SLIDE 63